VOLUME JUST BELOW STRONG PRIOR-YEAR RESULT
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The Hamburg investment market recorded a transaction volume of €1.2 billion in the first nine months of 2026. While this is still significantly below the long-term average (-48%), the decline compared with the relatively strong prior-year result is moderate at 7%. Among Germany’s leading investment markets, Hamburg therefore remains in second place, behind Munich and ahead of Berlin.
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Following a strong first half of the year, and a particularly high-volume second quarter, market momentum slowed somewhat in Q3. Transactions totaling around €239 million were recorded between July and September, compared with €306 million in Q1 and €661 million in Q2. Transaction frequency also declined. In particular, the absence of large-volume deals prevented a stronger quarterly result. Nevertheless, investment activity remained relatively well balanced across the different asset classes.
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Over the past twelve months, net prime yields for office properties have increased by 10 basis points to 4.35%. High-street retail properties in prime locations saw a more pronounced adjustment of 20 basis points and currently yield 3.95%. The strongest increase was recorded in the logistics segment, where the net prime yield rose by 30 basis points to 4.70%.